UK financial services News

City of London Chief Says Brexit ‘Disaster’ Cost 40,000 Finance Jobs

Britain’s departure from the European Union cost London’s financial center about 40,000 jobs, the Lord Mayor of the City of London told Reuters, a far deeper impact from Brexit than previous estimates. Michael Mainelli said Dublin had gained most, attracting …

Fresh Appetite for Risk Can Help Arrest Britain’s Downward Spiral, Think Tank Says

Britain’s decade-long economic downward spiral could be reversed with a fresh appetite for risk that might help boost annual investment by a required 100 billion pounds ($131 billion) over the next decade, a leading think tank said on Friday. In …

UK Business Group Says Tax Clarity Needed at Budget to Support Investment

British finance minister Rachel Reeves needs to strike a positive tone at her first budget on Oct. 30 in order to give businesses the confidence to invest, the Confederation of British Industry said on Tuesday. After winning a large parliament …

UK Finance Firms’ Concern Over Geopolitics at Record Level

The share of UK financial services firms worried about geopolitical risks is at its highest level since the 2008 crash, the Bank of England said. The BOE’s biannual systemic risk survey, which began during the financial crisis, said on Wednesday …

UK Financial Firms Spur IPO Optimism as Europe Rebound Stutters

Potential initial public offerings by a slew of UK financial services firms could drive the next stage of Europe’s recovery after momentum in new listings slowed sharply. Such hopes have arisen after Bloomberg reported that backers of Canopius Group are …

British Insurers Propose Green Infrastructure Funding Model

Britain’s insurers set out plans on Monday on how to channel billions of pounds freed up from their safety buffers into infrastructure such as EV charging stations to boost growth. The new Labour government in Britain has said that chunks …

Banks Face Record Number of UK Lawsuits as Economy Stumbles

Banks in the UK are embroiled in the highest number of lawsuits in a decade in a trend that shows no sign of slowing down. Almost three new cases involving financial services firms were filed every day on average at …

Labour Win Brings Few Hopes or Fears to London’s Financial District

Labour’s landslide election win shows few signs of unsettling London’s financial heartland after the party’s lengthy pro-business overtures, though many in finance remain wary they could be targeted to prop up Britain’s stretched public finances further down the line. Under …

Banks, Asset Managers Warned of ‘Huge’ Fallout From UK’s New Greenwashing Law

Banks and asset managers in the UK woke up to a new reality on Friday, as the country enforces some of the most far-reaching anti-greenwashing rules ever seen. Due to its broad scope, the new requirement from the Financial Conduct …

Fewer Top Women Earners in British Financial Services Since Pandemic: Report

Women make up a smaller proportion of top earners in British financial and professional services than before the COVID-19 pandemic, research from the London School of Economics and Political Science (LSE) showed on Monday. Women made up 19.4% of the …